A Minimum Viable Product or an MVP need not be fully developed with all the necessary features. MVP is a process that lets you launch the product with the least possible features to the potential customers and let them provide the desired feedback for product development in the future.
Research conducted by SpeckyBoy Design Magazine shows that around 33% to 49% of start-ups fail because they neglect the MVP approach. This accounts for nearly one-third or half of the start-ups failing, which accompanies an immense capital and resource loss.
So, recent years have seen both the tech titans and lean start-ups adopt MVP for product development to get the necessary traction and validation.
But the question that is the title of this article bothers every owner of the product idea. So, let us answer this question in the points below.
1. MVP should meet the desired goal
The final aim of releasing an MVP is to ensure that it showcases its purpose of existence to the audience. So, before you look to release your MVP’s first version, recheck that it meets the business goals and the one outlined in the product development phase. You would need your MVP to successfully address your project goals to the audience to get reliable feedback.
2. Your minimum requirements must be addressed
The M in MVP signifies that only a product with the minimum requirements needs to be released. You need to check that a product with the most critical requirements is ready to reach the target audience and it has no frills.
Although the business owner in you might compel you to have one-more feature, wait until your idea proves its worth in the market. MVP will let you know what features will best suit your product.
3. Does it solve a problem?
When you went on to develop the product, you came up with an objective. This objective targets an issue that your potential customers face and that you need to resolve.
Looking back at the MVP, you must be sure that even the first version of your MVP will focus on the objective and make your customers know that the unsolved issue is ready to be solved.
4. The product development done needs to be tested internally
Always remember that despite being an initial level version, the MVP is made to be used by real users. So, it must be free from defects and bugs and function smoothly.
The product development from MVP should be tested thoroughly by the internal testing team. It should go through the necessary Quality Assurance (QA) tests and only a smooth running version must be handed over to the customers.
You can test your MVP on an internal audience, like company staff, and take the desired feedback before releasing it to your potential customers.
5. Garner only potential customers
Getting accurate feedback is of utmost importance to know how the product will flourish in the market and what all features it needs. Choose only a trustworthy audience that gives you honest feedback. You can ask your marketing team to go for targeted advertisements and gather a live audience.
Further, you can enroll with them in a one-to-one question-answer session. Be straight in asking why and how they will use the product and what other features they are looking for.
6. Keep your roadmap for improvement by your side
A roadmap on how you will deploy the helpful feedback should be in place much before the product development phase is implemented. A refined plan on how you will incorporate the changes and in which hierarchical order it will be done needs to be known.
Also, define the channel through which the next MVP will go before it is released. All in all, a long-term plan needs to be kept ready before releasing the first version.
All in all, the key takeaway that we are left with is that an MVP can be unpolished but not unfinished. A fully functional product with great UX/UI needs to be handed over to the target audience, with enough room for adding new and desired features.
So, if you feel that all of the points mentioned above are met, it's time for you to release your first version of MVP. The first version of product development is your learning step to launch an ultimate product-market fit. Remember that your first version of MVP will show you the actual picture that no research, tactics, or survey can.
We at Anuyat understand how important your product is to you and help you get an MVP without gathering your sensitive information.
For further queries or help regarding your MVP, you can contact our team at Anuyat.
getanmvp.com is an effort from Anuyat.com to help entrepreneurs understand the dynamics of Minimum Viable Product and what it takes to build a product-market fit out of their digital ideas.
Anuyat is a SaaS provider for eSIM solutions and a Pune-based company.